Product Development

The Stages of Product Development and Testing

To stay competitive, technology businesses must continually evolve and advance their technology by developing new products and launching tried-and-true products into the international marketplace.  Companies cycle through a series of steps to refine and advance their products and launch them into the marketplace.  The innovations that result in new products usually have their roots in research and follow a path from an idea, through proof of concept, into prototype creation, to testing and demonstration all the way to advanced manufacturing and market introduction.

Moving efficiently through the process requires a variety of resources and expertise. Partnering with experienced support systems, such as a University or research park is one way to gain access to the necessary resources.

Simply put, the stages of product development are:

Research and Development 

The stage in which the innovative product idea is explored and expanded upon. 

Proof of Concept

The proof of concept stage is used to display a proposed product's feasibility and the data that supports it. It also determines if the product will fill a need in the market that is currently unaddressed. 

Prototyping

There are many different types of prototyping methods based on the type of product being developed and tested. Often prototyping is used to explore the design aspects of the product, as well as potential functions and user experience attributes. 

Testing, Evaluation, and Demonstration

Throughout the testing, evaluation, and demonstration phase the product is put through a series of procedures for official review to verify that the product performs as intended. This is also when the product is demonstrated to test markets.

Advanced Manufacturing

One of the final stages of product development and testing is maximizing the production process to the highest degree of quality possible while meeting industry certification standards.

Although it is possible to move through these steps and gain enough knowledge to launch a product, a company should never stop researching, testing and demonstrating their product to consumers. This ongoing diligence will truly advance a product, and keep it safe and relevant for users.

Why Choose Global Advantage?

Technology companies developing new products move into the market much faster if they have the advantage of key resources at hand to help them through this process.
Global Advantage can help with every stage of product development. Along with providing world-class office space as well as wet and dry lab space for product development, the Tech Parks developed the Global Advantage business assistance program to provide solutions for innovators, startups, small and medium-sized enterprises, as well as large multinational corporations.  

1. Research and development 
2. Proof of concept
3. Prototyping
4. Testing, validation, and demonstration
5. Advanced manufacturing 

We help turn great ideas into successful businesses—and we help successful businesses grow bigger, better, and more productive by fostering trade opportunities and growth. This innovative partnership leverages the benefits and assets of several trusted business partners.  When companies go through the Global Advantage program, they become part of an interconnected network that capitalizes on the business expertise and core competencies of each organization.  

Citations 

Investopedia
National Institute of Justice
Harvard Business Review